A4 für Copyshop GB.indd - Bayerische Landesbank

44 BayernLB – our company
} BayernLB prepared
for introduction
of new pfandbrief
legislation
Demand for long-term investment products remained buoyant among domestic and
international investors. This gave the Bank access to funding on favourable terms. As in
the previous year, BayernLB continued to offer attractive structured interest rate and
equity products alongside tap issues.
In order to guarantee a funding source independent of issuer rating, the Bank set up
the technical parameters necessary to issue a greater number of AAA covered bonds
(pfandbriefe) following the introduction of the new pfandbrief legislation, expected to
come into force in mid-2005. This means that the requirements of the new legislation,
which are expected to be more stringent, are already being met today through the suc-
cessful implementation of new software for managing and controlling the register of
cover.
New issues
Against the backdrop of a generally favourable market environment, BayernLB was
one of the leading tap issuers on the German and international capital markets in
2004, as in earlier years. New issues totalling over EUR 16 billion were placed under
the international issue programme. The 184 individual transactions were spread over
ten currencies. Besides the euro (11 billion in 2004), BayernLB once again conducted
transactions in other major currencies including the US dollar, Japanese yen, Swiss
franc and British pound. Bonds denominated in Canadian and Australian dollars,
Swedish krona, Norwegian krone and Hong Kong dollars represented another attrac-
tive alternative for investors.
2004 new issues volume by currency (in percent)
Other 1.5 %
CAD 2.0 %
JPY 2.2 %
CHF 2.4 %
GBP 10.3 %
USD 25.1 %
EUR 56.6 %